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Foreclosures Dropping as Housing Market Improves

The housing market in North Carolina has been growing and improving over the last year and the amount of home foreclosures is further proof of that. The foreclosure inventory for May of 2014 was down .8 percent from May of 2013. Nationwide, the percentage of home in the process of foreclosure is 1.7 percent, but North Carolina’s foreclosure inventory is only .9 percent, dropping well below the average.

This year North Carolina had completed just over 24,000 foreclosures by May. The United States had 47,000 foreclosure in the month of May alone. This is still well above the foreclosure rate prior to the recession, so even though our national housing market is recovering, we still have a very long way to go.

The top five states in for foreclosures are Florida, Michigan, Texas, California, and Georgia. North Carolina’s housing market is moving in the right direction, and our home prices, mortgage rates, and foreclosure rates all play a significant role in our successful housing recovery.

As the housing market in our state continues to improve, the more people will begin to look for new homes, or move from renting to owning. If you are looking to capitalize on the improving housing market by moving into a new home, then call your local moving company and let us get you there. All My Sons can provide you with a stress-free move, and we will get you settled into your new home as quickly as possible.

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